Mubasher TV
Contact Us Advertising   العربية

Oil prices up on producers' compliance to OPEC deal

Oil prices up on producers' compliance to OPEC deal
Offshore oil platform (Photo Credit: Arabianeye-Reuters)

By: Mahmoud Gamal

Mubasher: Oil prices rose on Monday as oil producers demonstrated compliance to the global output cut deal.

International benchmark Brent crude futures rose 0.2% to reach $55.60 by 3:55am GMT.

US West Texas Intermediate (WTI) crude oil went up 0.17% to stand at $53.30.

Energy ministers confirmed during the meeting of OPEC and non-OPEC countries on Sunday their commitment to lower their oil output.

A total of 1.5 million of almost 1.8 million barrels per day (bpd) had been taken out of the market already, ministers added.

The monitoring committee will hold discussions after the 17th of every month and plans to hold two meetings before the next ordinary OPEC meeting in Vienna on May 25.

There is a positive outlook that brent crude prices will see record rises to $58-60 before the end of the first half of 2017, technical analyst Badr Al-Otaibi said.

Translated by: Julian Nabil